US STOCKS-Futures higher ahead of Trump's address, GDP data

Reuters Staff

3 Min Read

* Futures up: Dow 73 pts, S&P 10.5 pts, Nasdaq 32.25 pts

By Sruthi Shankar

Jan 26 (Reuters) - U.S. stock futures pointed to gains for Wall Street at open on Friday as a strong set of earnings this week buoyed sentiment, ahead of President Donald Trump’s closing address at Davos.

Trump is expected to tell the World Economic Forum in Davos that his administration will not tolerate intellectual property theft and trade abuses, a senior U.S. administration official said.

The markets have been moving on comments by top U.S. officials at Davos.

Stocks rose following Treasury Secretary Steven Mnuchin’s endorsement of a weak dollar but gave up some gains after Trump said he ultimately wants the dollar to be strong.

Investors will get a peek into how the U.S. economy performed in the fourth-quarter when the Commerce Department issues advanced gross domestic product estimate at 8:30 a.m. ET (1330 GMT).

GDP likely increased at a 3.0 percent annualized rate in the quarter, after surging at a 3.2-percent rate in the previous quarter, according to a Reuters poll.

Data on non-defense capital goods orders, excluding aircraft, – a closely watched proxy for business spending - is also expected during the day. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)